Read our ThorFX review to find out if Thor FX is a scam or a reliable forex broker. Unbiased Forex brokers reviews that serve the interests of our users.

Thorfx Review and Analysis

Overview

ThorFX Forex Broker Review

Making a bold entry into the brokerage scene, ThorFX is a new multi-asset platform with heroic ambitions. The brokerage offers competitive access to a range of markets but even at a glance, what really marks it apart from industry rivals is its core concept and stylistic freshness. As the name suggests, ThorFX channels Norse and comic book folklore into modern trading. Our team have explored the platform to put together the below review and outline ThorFX’s features, pros, cons, and exactly what traders can find underneath quirky concept.

What is ThorFX?

ThorFX is a multi-asset brokerage offering CFD trading across forex, cryptos, stocks, indices, and commodities. This derivative form of trading allows users to trade either long or short without taking ownership of the underlying asset, and to make use of leverage to enhance their exposure in the markets even with modest investments. Needless to say, this makes it a versatile platform that welcomes users of any trading background or strategic focus.

In technical terms, the brokerage runs on a non-dealing desk ECN model, meaning it aggregates global liquidity providers to bring traders more direct, transparent, and competitive order execution. The platform is not currently regulated, but this connection to Tier 1 bank and non-bank liquidity providers should offer some reassurance to traders looking for reliable brokerage services.

Investor Protection & Regulations

As mentioned above, ThorFX is not officially regulated. This may be subject to change as the broker becomes more established, but for the moment it operates as an off-shore entity based in St. Vincent and the Grenadines. Traders should be aware that using nonregulated brokers always carries an element of risk and leaves them potentially bereft of legal protection. Nevertheless, traders ought not completely dismiss platforms that lack the official seal of approval; in many cases, these brokerages still uphold high internal standards and utilize the best of modern technology for security.

In the case of ThorFX, customer and company funds are kept in segregated so that user capital will not be endangered in the case of company default.

Two-Factor Authentication on ThorFX

Moreover, regular auditing of operational risks allows the brokerage to manage capital and compliance and to tackle suspicious or dangerous activity in a timely manner. Where individual users are concerned, ThorFX insists upon a Two-Factor Verification system for account login, and customer details are encrypted throughout the KYC process. These measures are not universal across brokerages and offer valuable layers of protection to customer details and finances.

Tradeable Products

ThorFX offers a reasonable range of assets across different markets, making it ideal for traders looking to diversify. To be precise, the stock offering covers 38 prominent US and EU companies including Apple, Tesla, Meta, and Volkswagen AG; the index list is limited to 9 but covers the NASDAQ 100, S&P500, and FTSE 100 in the west as well as Japan’s Nikkei 225. The commodities list is short but strong, including natural gas, oil, and metals copper, silver, gold, and platinum.

In terms of cryptocurrencies, ThorFX lists 23 well-known products such as Ethereum, Cardano, Solana, Ripple, and Dogecoin. The recent addition of crypto funding methods and extra assets suggest that this is an area in which the platform will continue to grow, so crypto enthusiasts should watch this space.

ThorFX’s strongest product listing is in forex, where all the usual major and cross pairs can be found alongside around 30 exotics. Beyond forex, the listings might be a little limited compared to other brokerages, but what is lacked in depth is made up for breadth across different asset markets. Traders of forex and major assets will probably be satisfied by the products on offer, but those looking for niche or unusual listings may have to explore elsewhere.

Fees and Commissions

In line with its fresh, modern image, ThorFX offers diverse crypto payments for traders to fund their accounts alongside traditional methods. Crypto transactions are supported in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Tether (USDT), and Dogecoin (DOGE). Traditional funding media such as wire or card transfer are also available, but ThorFX has chosen to position itself on the side of more efficient and secure technology by expanding its capabilities to handle altcoins.

Indeed, decentralized finance is fast becoming a cornerstone of industry standards. Crypto payments are typically faster and safer than traditional transactions and are traceable 24/7 through the blockchain. This extra flexibility should certainly appeal to the modern generation of traders.

Trading Platform

Like a huge number of industry competitors, ThorFX uses MetaTrader as its native platform. Traders have the choice of MT4 or MT5, both of which are well-regarded in the trading world for being user-friendly, flexible, and efficient in technical execution. Since MetaTrader is compatible across devices, ThorFX’s traders can access the markets from desktop or web as well as mobile on the go.

Account Types

As already discussed, ThorFX caters to traders with different needs thanks to their four account types: Standard, PRO, VAR, and Mini. Whilst fee structure varies, all accounts are supported by full ECN/STP order execution, leverage of up to 1:500, a minimum lot size of 0.01 and maximum of 1000.

Supported Countries

Due to ThorFX’s status as a non-regulated broker, it is not intended for use where local laws or regulations forbid CFD brokerage or associated services. A full list of restricted territories can be found in the website’s Terms and Conditions and we would recommend contacting the broker’s customer support if clarification is needed. It’s worth bearing in mind that trading industry regulations are constantly evolving, so restrictions may also change.

Deposit and withdrawal

In line with its fresh, modern image, ThorFX offers diverse crypto payments for traders to fund their accounts alongside traditional methods. Crypto transactions are supported in Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Tether (USDT), and Dogecoin (DOGE). Traditional funding media such as wire or card transfer are also available, but ThorFX has chosen to position itself on the side of more efficient and secure technology by expanding its capabilities to handle altcoins.

Indeed, decentralized finance is fast becoming a cornerstone of industry standards. Crypto payments are typically faster and safer than traditional transactions and are traceable 24/7 through the blockchain. This extra flexibility should certainly appeal to the modern generation of traders.

Usability

Putting technical details aside, ThorFX especially stands out for the creativity and boldness of its image branding. Traders shouldn’t be spooked by the brand’s name; the website’s clarity, clean design, and brand vision distance it from any danger of being “gimmicky”. In an industry crowded by generic lookalike brokerages, ThorFX is a welcome breath of fresh air.

The core concept of ThorFX marries epic folklore with modern trading technology to encourage traders of all levels to ‘become their own trading heroes’. This goes beyond serving a visual aesthetic; ThorFX offers affiliation opportunities for networking traders and content creator support for individuals to grow in the trading space according to their talents. The overall impression is that ThorFX aspires to nurture an enthusiastic and dynamic trading community beyond its brokerage services.

The website is clear, uncluttered, and straightforward to navigate. The content offers decent transparency concerning the accounts on offer, tradeable products, and payment methods, and full terms and conditions are easy to find.

ThorFX trading platform

Customer Support

ThorFX boast 24/7 customer service to provide hassle-free support for traders across the globe. The support team can be contacted by email or via the website, either through the submission of ticket in the support section of the website or via a live chat icon. The platform also has an active presence on social media through Twitter, Facebook, and Instagram to encourage customer engagement.

The lack of a telephone contact option is unfortunate as this will no doubt be some traders’ preferred means of communicating issues. That said, our team found the responses to our test chat and email queries to be very prompt, professional, and friendly.

ThorFX contact customer support

Education and Research

This is an area in which we expect to see further growth as ThorFX becomes more established. In terms of news, market highlights are posted each week in a brief, fun format that will appeal to casual and beginner traders. As of the time of writing, the website also hosts an ‘Academy’ section with a smattering of articles split between forex, crypto, analysis, trading strategies, and ‘Lessons From the Great’.

Although the current range of articles is not particularly extensive, we anticipate more additions if the brokerage seeks to position itself as a community-focused, educational platform. To be fair, the regular educational posting across social media platforms already implies that ThorFX is geared towards helping its users develop and grow as traders.

ThorFX education for beginners. Learn forex guides.

Overall Conclusion – Final Thoughts

As a newcomer, ThorFX is certainly an impressive contender in the brokerage industry. The platform would suit beginner and experienced traders alike thanks to its community-focused positioning and above average trading conditions in terms of account flexibility, leverage, spreads, and payment support. The range of tradeable products is more than adequate for traders searching for mainstream assets, and the integration of crypto account funding marks ThorFX as a forward-thinking, modern brokerage.

It will be interesting to see how the ThorFX concept unfolds as the platform grows, especially with its extra community elements for Affiliate traders and content creators. It is these kind of touches that differentiate ThorFX from many of its competitors and may well win over users searching for an interesting and dynamic trading experience.

Frequently Asked Questions (FAQs):

How trusted is Thorfx?
The trusted source of information on fintech matters SBO, gave Thorfx a 2.17/ 5.00 rating based on analysing 20+ criteria and testing. Thorfx is currently in 0th place in this ranking.
What is ThorFX?
ThorFX is a true ECN broker, that aggregates liquidity from different global providers, which they directly provide to their clients, ensuring competitive spreads and fast execution, devoid of slippage, and staying away from re-quotes and rate manipulation.
Can US residents trade with ThorFX?
At the time of writing, it is not yet clear which countries exactly are supported by ThorFX and their residents are allowed to become ThorFX clients as this depends on changing conditions as mandated by watchdogs and financial authorities across the globe. To be sure if ThorFX serves customers in your own location, contact them directly to inquiry, as the relevant list of bans and restrictions is regularly updated.
Is ThorFX regulated?
ThorFX is in fact an offshore broker that is not currently regulated by any financial regulator in any jurisdiction, but it does adhere to and follows strict and streamlined KYC procedures, as well as ensuring that all clients' funds and data are safe and secure.
Is ThorFX a scam?
ThorFX is definitely not a scam. ThorFX is an offshore forex broker vastly superior to other unregulated brokers with very strong data security procedures in place and that is why is on our list of trusted forex brokers. As with any Offshore Broker it has several benefits and drawbacks compared to regulated brokers. These are important to be aware of before you decide to open an account.
Does ThorFX have a demo account?
Yes, it is possible to open a demo account on ThorFX parallel to your trading account for an unlimited time. That will allow novice traders to practice before risking their real funds, while also enabling seasoned traders to test and try out new strategies and techniques before using the most effective ones on the real account.
Does ThorFX have Islamic account?
Yes, Islamic accounts also known as swap-free accounts which could be a barrier for Muslim traders in the past are now available with ThorFX.
Is ThorFX Sharia compliant?
Yes, ThorFX offers 100% Shariah law compliant trading accounts for investors in need. Forex trading is halal (lawful) and not haram (forbidden) when traders use swap free trading accounts because riba or interest element doesn't exist in that case. ThorFX offers Islamic swap free trading accounts that do not charge or pay overnight interest on the open positions, allowing Muslims to engage in online forex trading in conformity to Sharia law.
How can I contact ThorFX.com in order to open a trading account?
The easiest way to contact ThorFX is by visiting the broker's website and submitting a ticket form, to which you can expect a swift response from a member of their dedicated customer service and support team.
How do I Withdraw my Funds from ThorFX?
To process a withdrawal, kindly follow these steps:
  • Navigate to "Withdrawals"
  • Choose Method and follow the instructions
  • Enter an amount
  • Process the withdrawal
How Much are the Deposit Fees on ThorFX?
  • Bitcoin (BTC): 0%
  • Credit/Debit Card (3rd Party Platform/Direct): 0%
  • VLoad: 0%
*According to its website Blockchain network fees apply to Bitcoin deposits which originate from the Blockchain. ThorFX is not responsible for any network fees deducted from any transactions.
How Much are the Withdrawal Fees on ThorFX?
There are NO fees on the Platform to withdraw your funds back to your credit/debit card or 3rd party provider account/wallet.
  • Bitcoin (BTC): 0%
  • Credit/Debit Card (3rd Party Platform/Direct): 0%
  • VLoad: 0%
*According to its website *There may be fees associated with the payment method provider themselves around an incoming transaction. Blockchain network fees apply to Bitcoin deposits which originate from the Blockchain. ThorFX is not responsible for any network fees deducted from any transactions.

Broker's Features THORFX Availability
Commissions
Hedging
PAMM
Scalping
Accepts US traders
24 hour trading
Swaps
Demo account
Daily analysis
Automated trading
Mobile trading
Trading by phone
1st deposit bonus
Forex contests competitions
Bonuses Promotions
Interest charges on the balance
Free education
Expert advisors
Partnership programs
Trust management
24 hour support

Are you Satisfied with what They Offer?